Opening price 1685.50 Yesterday closing price 1684.68 Lowest price 1682.38 Highest price 1694.34
Negative factors suppress gold upside
On Wednesday, the number of ADP employment in the United States fell sharply by 20.236 million in April, but the rise in long-term yields of U.S. debts squeezed gold buying demand. At the same time, countries successively lifted the blockade measures to boost market risk appetite. Seasonal factors and the strength of the US dollar also constitute some pressure on gold. However, because the sharp recession in the job market may exacerbate downward pressure on the US economy, and the continued expansion of the scale of debt purchases in the United States may exacerbate debt pressure, it will still suppress the US dollar to boost gold in the long run. Focusing on the Bank of England resolution within the day, the market expects the Bank of England’s tone to be doveish.
Technical Analysis: Gold
Yesterday, the price of gold fell sharply, from the high of 1706 to below the 1680 integer. Afterwards, although there was a slight callback, it can be clearly seen that the pattern of weak prices continues. Today ’s Asian morning opened at 1685.5, currently at 1688.22, There is no obvious upward trend.
The current price range should be maintained until Friday before non-agricultural, continue to pay attention to the 1700 integer, the price can not break through the Bollinger Band track, MACD shows that the DIF and kinetic energy lines are far below the zero axis, which is a significant decline In the market.
Day trade strategy: buy low and sell high between 1680-1700, and breakthrough 1700 to lighten up.
Resistance: 1690 1700 1710
Support: 1680 1670 1660
Important information of the day:
2030 United States as of May 2 the beginning of the week for unemployment benefits (ten thousand)
Z.com Bullion Analyst: Tony Liu